By switching we mean moving some or all of the money you have in an existing NS&I account to a new account you open with us.

How to switch your money from one NS&I product to another

Some of our accounts can be switched using a simple online form, without needing to log in.

To switch to another NS&I account, choose from one of the accounts on this page and complete the relevant form, including the amount you want to switch and the NS&I account you are switching it from.

Once we receive your completed form we’ll open the new account and move the money across from your existing NS&I account. We’ll send you confirmation of this.

If you tell us on the form that you want to close the account you are switching from, we’ll automatically pay any remaining balance to your nominated bank or building society account on our records.

Or, if we don't hold this information, we will pay it to the bank or building society account you nominate for your new NS&I account.

Premium Bonds

3.15% annual prize fund rate

• Tax free
• VARIABLE

A fun way to save, with the chance to win tax-free prizes each month.

Invest from £25 to £50,000.

Find out more

Direct Saver

2.60%

• Gross
• AER
• VARIABLE

An easy access savings account that pays your interest yearly, to top up your savings.

Invest from £1 to £2 million.

Find out more

Green Savings Bonds

3.00% Issue 3

• Gross
• AER
• FIXED

Go green with our new fixed-rate, fixed-term Bonds.

Invest from £100 to £100,000.

Find out more

Direct ISA

2.15%

• Tax free
• AER
• VARIABLE

Save up to £20,000 without paying a penny in tax on the interest.

Invest from £1 to £20,000 in the tax year 2022/23.

Find out more

Junior ISA

3.40%

• Tax free
• AER
• VARIABLE

A tax free way to save for children up to the age of 18.

Invest from £1 to £9,000 in the tax year 2022/23.

Find out more

Guaranteed Income Bonds

3.90% gross/3.97% AER Issue 70, 1-year fixed

• Gross
• AER
• FIXED

Earn guaranteed monthly income for 1 year.

Invest from £500 to £1 million.

Find out more

Guaranteed Growth Bonds

4.00% Issue 70, 1-year fixed

• Gross
• AER
• FIXED

Earn guaranteed returns for 1 year.

Invest from £500 to £1 million.

Find out more

Income Bonds

2.60% gross/2.63% AER

• Gross
• AER
• VARIABLE

An easy access savings account that pays your interest monthly, direct to your bank.

Invest from £500 to £1 million.

Find out more

Switching FAQs

• Which NS&I accounts can I switch to?

  You can switch to any NS&I account on sale for which you are eligible. See the summary box and brochure, including the customer agreement (terms and conditions), for each account for details.

  See all our ways to save

• How much money can I switch?

  You can switch any amount from the minimum to the maximum for the account you are switching to.

  If the amount you are switching will take the balance on the old account you are switching from below its minimum, you must mark on the form that you want to close that account.

• Can I switch a fixed term investment into another NS&I account?

  Yes. If you switch the money before the investment’s maturity date, a penalty may apply. See the customer agreement (terms and conditions) for your fixed term investment.

  Note:
  If you’ve invested or renewed your Guaranteed Growth Bond or Guaranteed Income Bond on or after 1st May 2019, you won’t be able to switch mid-term.

• How do I switch my maturing NS&I fixed term investment into another NS&I account at maturity?

  1. Simply download the application or switching form for the new account you want to open or call us and we can send you the form.

     Call us

  2. Complete the form, including the amount you want to switch and the fixed term investment you are switching it from. Mark on the form that you want to defer the switch until the maturity date. You can do this if the investment is within 30 days of its maturity.
  3. Then post the form to us. We’ll need to receive it no later than two working days before your fixed term investment matures.
  4. If you only want to switch some of the money in your maturing fixed term investment into another NS&I account, you’ll also need to decide and let us know what you want to do with the rest.

  You can do this by completing the form in your maturity pack and returning it to us in the same envelope as your completed application or switching form. Or if you are registered for our online and phone service, you can tell us what you want to do with the rest of the money online.

  Log in using your NS&I number and password. Then click ‘view maturity options’ for your maturing fixed term investment on your homepage:

  Log in

• Can I switch my child’s NS&I account into another NS&I account?

  Yes, you can switch an NS&I account for your child that you are responsible for as their parent or guardian into another NS&I account for your child. Children under 16 can hold our Junior ISA, Premium Bonds and our Investment Account. Find out more about these accounts:

  Junior ISA

  Premium Bonds

  Investment Account